Simon Cowell's X Factor Announces Prize: $5 Million Sony Music Record Deal

6:53 AM PST 02/07/2011 by Lindsay Powers
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Frazer Harrison/Getty Images

Auditions to start March 27 in L.A., contestants can be as young as 12, new judges to be announced 'in the coming weeks.'

Fox confirmed details of Simon Cowell's X Factor Monday morning.

The big prize will be a $5 million Sony Music record deal.

Contestants as young as 12 can compete.

“I like the idea that a 12-year-old on this show can compete with an older singer and a singing group,” said Cowell in a statement. “I’ve never believed there should be a cut-off age for talent, and we are going to put our money where our mouths are with the $5 million recording contract. I’m doing this show in America because I genuinely believe we can find a superstar.”

New judges will be announced "in the coming weeks," and auditions will begin March 27 in L.A.

Read the full press release after the jump.

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